Rupee Slips To Record Low After Government Raises Tax On Capital Gains

The rupee declined to 83.69 to the dollar, inching past the previous lifetime low of 83.6775, and compared with 83.6275 before the budget announcement.

The Indian rupee, teetering at an all-time low, slipped further against the US dollar on Tuesday, pressured by the drop in local equities after the government in the Budget proposed raising the tax rate on capital gains.

Finance Minister Nirmala Sitharaman on Tuesday said the government plans to raise capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for middle and upper middle class.

The rupee declined to 83.69 to the dollar, inching past the previous lifetime low of 83.6775, and compared with 83.6275 before the budget announcement.